{"id":15129,"date":"2021-02-02T11:52:51","date_gmt":"2021-02-02T11:52:51","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-sadiq-sheikh-2020-429-itr-163-122-taxmann-com-39-bom-hc-goa-bench-www-itatonline-org\/"},"modified":"2021-10-06T18:13:06","modified_gmt":"2021-10-06T12:43:06","slug":"cit-v-sadiq-sheikh-2020-429-itr-163-122-taxmann-com-39-bom-hc-goa-bench-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-sadiq-sheikh-2020-429-itr-163-122-taxmann-com-39-bom-hc-goa-bench-www-itatonline-org\/","title":{"rendered":"CIT v. Sadiq Sheikh ( 2020) 429 ITR 163 \/ 122 taxmann.com 39  \/(2021) 276 Taxman 292 \/ 197 DTR 191\/ 318 CTR 382 ( Bom) (HC) (Goa Bench) \/CIT v. Sadia Sheikh  (2020) 429 ITR 163 \/ 122 taxmann.com 39 \/(2021)276 Taxman 292\/ 197 DTR 191\/ 318 CTR 382 (Bom.)(HC) ,www.itatonline.org\/Editorial: SLP of assessee is dismissed , Sadiq Sheikh v. CIT ( 2021) 277 Taxman 594 ( SC)"},"content":{"rendered":"<p>Assessing Officer made addition owing to unaccounted cash receipts on ground that assessee failed to establish identity and creditworthiness of creditors from whom he had received a huge amount of Rs. 8.49 crores . CIT (A) affirmed the order of the AO.\u00a0 On appeal, Tribunal accepted assessee&#8217;s explanation that said amount was transferred into assessee&#8217;s bank account from out of bank accounts of his brother-in-law and a close friend and, further, that said creditors confirmed to have made payment to assessee \u00a0and deleted the addition .\u00a0 Onn appeal by the revenue the Court held that the\u00a0 Tribunal ignored vital facts emanating from record that said creditors had not produced evidence to establish their capacity to raise such a huge amount and also that they were not clear about their precise role in transaction involving said amount . The Court also observed that m<strong>erely pointing out to a source and the source admitting that it has made the payments is not sufficient to discharge the burden placed on the assessees by s. 68. The explanation has to be plausible and backed by reliable evidence. &#8216;Fantastic or unacceptable&#8217; explanations are not acceptable \u00a0<\/strong>(TXA NO.18 &amp; 19-2014 dt 14-10 -2020) .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash  credits-  Source of source \u2013 Cash deposited \u2013  Brother in law and close friends &#8211;  How money was transferred from Bangalore to Goa was not satisfactorily explained &#8211; \u2013 Addition is held to be justified .[ S. 153A ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-15129","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3W1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=15129"}],"version-history":[{"count":5,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15129\/revisions"}],"predecessor-version":[{"id":22226,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15129\/revisions\/22226"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=15129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=15129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=15129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}